SoftBank, Goldman, Porsche Procure Stake In This EV Maker's Latest Funding Round, Valuing It Over €2B

SoftBank, Goldman, Porsche Procure Stake In This EV Maker's Latest Funding Round, Valuing It Over €2B

SoftBank Group Corp SFTBY SFTBF and Goldman Sachs Group, Inc GS invested in Croatian electric supercar maker Rimac in a €500 million ($536 million) funding round, giving it a valuation of over €2 billion, the Financial Times reports

Volkswagen AG's VWAGY Porsche Automobile Holding SE POAHY, one of the first carmakers to back the business, presently owns a 20% stake, the TechCrunch reports. Rimac will partly use the new investments to build its fledgling self-driving robotaxi business, which has been under a stealth mode for the past three years.

Rimac also plans to hire 700 staff this year, complete the development of a new $200 million campus for Rimac's Zagreb, and develop and produce batteries, software, and other components for electric cars.

Zagreb will serve as headquarter for the Bugatti Rimac company. Rimac looks to open new offices and factories across Europe, including Germany, England, and possibly Italy.

Rimac had merged its hypercar division with Bugatti in November. The resulting company, called Bugatti Rimac, developed the $2.5 million Rimac Nevera hypercar, a 1,914-horsepower EV.

Rimac also forged a deal to oversee Volkswagen's Bugatti brand, with founder and CEO Mate Rimac leading the new Bugatti Rimac group, which will produce models under both brands. 

Founder Rimac will remain the largest shareholder of Rimac Group, the majority shareholder of the recently merged Bugatti Rimac, and the sole shareholder of Rimac Technology.

Rimac manufactured eight €1.2mn high-performance Concept One cars to promote the brand, and its first mainstream model, the €2.4 million Nevera, began deliveries this summer.

Posted In: electric vehiclesEVsNewsTechMedia